It's only useful if you stay at Intercontinental Hotels specifically (not CP, HI, HIX, etc). It's additional benefits on top of your IHG status that only apply at ICs. You are supposed to get a 1 category room upgrade, $20 resort credit (mini-bar, hotel restaurants, etc). 4pm checkout is also a benefit. The room upgrade is not guaranteed if you stay on points, but I've been lucky most of the times that they still upgrade me. So if you are diamond for example, you would get all of that, then are also able to choose free breakfast as your welcome amenity.